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Best Reverse Mortgage Lenders in Lansing, MI

Sept. 27, 2019, 5:35 p.m.

About 11 percent of Lansing’s population is 65 or over, a number that is trending upward, according to the census. Many who are part of this group are retired and living off fixed incomes. A reverse mortgage can help supplement finances. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Lansing for you to assess your options.

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#1
MOST POPULAR
American Advisors Group (AAG)

Prepare for retirement with us!

VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#1 MOST POPULAR
American Advisors Group (AAG)
American Advisors Group (AAG)
Features
  • BBB accredited company
  • 97% customer satisfaction
  • Available in Lansing
  • Free info kit online
Read More
VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#2
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in Lansing
  • Retirement investment options
Read More
VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(218) 282-4772
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#3
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Lansing
Read More
VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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Champion Mortgage
Champion Mortgage
Features
  • M-Sat: 7am - 7pm
  • F: 7am - 5pm
  • Closed Sat and Sun
  • championmortgage.com
Location
Online services available in
Lansing, MI
(855) 683-3095
Longbridge Financial
Longbridge Financial
Features
  • M-Th: 8am - 8pm
  • F: 8am - 5pm
  • Closed Sat and Sun
  • longbridge-financial.com
Location
Online services in
Lansing, MI
(855) 523-4326

How to choose a reverse mortgage lender in Lansing

A reverse mortgage in Lansing allows senior homeowners to use the equity in their home to receive payments from a lender as long as they live in the home and continue to pay taxes and carry out basic responsibilities. The loan is generally not repaid until the homeowner dies, moves out or sells.

Current market conditions are favorable for reverse mortgages in the U.S. and within Lansing. Across the country, home equities are rising. Locally, Michigan homeowners are seeing the values of their homes go up. In Lansing, where seniors live in a variety of different neighborhoods, the housing market is rated as “slightly hot” by realtor.com. Zillow says home values in the area have increased by over 14 percent over the past year.

In Lansing, the funds from a reverse mortgage can usually be obtained in a variety of ways (monthly, lump sum, etc.) and can be used for any purpose. You might consider a reverse mortgage to supplement retirement income, to purchase another home or to help pay monthly bills, among a host of other reasons.

Most reverse mortgages in the U.S. are financed by the federal government and are known as home equity conversion mortgages (HECMs). To qualify for an HECM, a borrower must:

  • Be 62 or older
  • Own the property or have paid down a considerable amount
  • Occupy the home as a main residence
  • Not be delinquent on any federal debt
  • Be able to afford timely payment of ongoing property charges such as property taxes, insurance, etc.
  • Participate in a consumer information session with an approved HECM counselor

There are other types of reverse mortgages as well.

Single-purpose reverse mortgage Least expensive option, but not available everywhere; can only be used for one purpose; many homeowners with low-to-moderate incomes can qualify
Proprietary reverse mortgage Private loans backed by companies; may allow larger advances for higher-valued homes
Home Equity Conversion Mortgage The most common type of reverse mortgage; insured by the federal government, and the funds can be used for any purpose

Before choosing a reverse mortgage in Lansing, make sure you can use the funds for your desired purpose. Be certain to read and understand terms and fees. And be wary of scams; as reverse mortgages have become more popular, fraud is on the rise.

American Advisors Group (AAG)

American Advisors Group (AAG)

CALL AMERICAN ADVISORS GROUP

(855) 299-1519 VISIT AMERICAN ADVISORS GROUP

This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.

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Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(218) 282-4772 VISIT FINANCE OF AMERICA REVERSE

This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Lansing, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.

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Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.